YZi Labs supports TermMax in advancing online bond market infrastructure (August 27)

Singapore, August 27, 2026-TermMax, a fixed-rate lending agreement constructed by Term Structure Labs, announced on August 26 that it has received a strategic investment from YZi Labs. Investment terms were not disclosed.

TermMax was selected for the third season of YZi Labs 'EASY Residency, which has raised more than $8 million to date. Its early investors include Cumberland DRW, which led the 2023 seed round, as well as HashKey Capital, Decima Fund, Longling Capital and MZ Web3 Fund.

This agreement has been launched on the main network since April 2025. It currently runs on 10 EVM-compatible chains, has 60 fixed-rate markets and 40 strategic vaults, with a total locked value of tens of millions of dollars, and more than 1.5 million registered wallets. Keyrock, Hardcore Labs, Edge Capital and Origami serve as curators and manage the strategic vault on the agreement.$ TMX tokens completed TGE on August 25.

The investors 'own public stance reveals the gap the investment is intended to fill. In an Aug. 14 post describing the product builds it hopes to see, YZi Labs wrote that tokenized blue chips have generated considerable trading volume, but the financial application layers surrounding these assets-credit, collateral management, risk transfer and structured products-are still underdeveloped, especially options and other risk transfer products are clearly missing.

YZi Labs invested this investment in this blank area.

"When I left banking, there were hundreds of billions of dollars in assets on the chain, but there was no directly observable interest rate curve between them. In traditional markets, this is unheard of. That was why I decided to build this infrastructure on the chain."-- Jerry Li, Co-Founder and CEO of TermMax

Tokenized shares are the fastest-growing asset class on the chain, currently reaching US$2.48 billion, and the number of holders has increased by 165% in 30 days.

TermMax integrated Ondo Global Markets in January 2026 to launch the first fixed-rate lending market to accept tokenized U.S. stocks as collateral, and subsequently joined Binance's bStock. In August, it launched on Robinhood Chain, supporting borrowing USDG using QQQ, SPY and NVDA as collateral.

But financing is only half of the tokenized stock needs. Almost all tokenized stock infrastructure this year is concentrated on perpetual contracts, with almost no options involved.

TermMax Alpha: Change this situation

Physical delivery options, no liquidation before expiration. The conversion price is fixed at the time of opening a position, and the position is settled through physical delivery at expiration. As a result, positions in the right direction will not be broken down by a few minutes of volatile trading under thin liquidity-a failure pattern that perpetual contracts do not apply to the illiquid end of tokenized stocks.

This no-clearing design is based on an option that runs throughout the agreement: when clearing does occur, settlement through physical delivery, and the collateral is delivered directly to the lender rather than sold in the market. The usual assumption-that collateral can be sold on demand at fair value-holds true for ETH, but does not work for tokenized stocks that are only a few million dollars deep.

On the institutional side, TermPrime completed its first firm transaction on the Canton Network at the end of June, and its counterparty network has since expanded to nine institutions. TermMax runs an early verification node on Canton, and TermPrime is ready to provide lending to institutions on the network through the open market.

TermMax's DeFiSafety process quality review score was 93%, which was in line with Aave V3.

"Our goal is not to teach traditional institutions what DeFi is, but to make DeFi grow professional enough to truly serve the financial industry."-- Jerry Li, Co-Founder and CEO of TermMax

What TermMax hopes to become is not another lending agreement, but the interest rate curve itself on the chain.

About TermMax

TermMax is a fixed-rate and fixed-term lending market built by Term Structure Labs. It will be launched on the main network since April 2025. It will be deployed on 10 EVM-compatible chains, running 60 fixed-rate markets and 40 strategic vaults. The agreement splits the debt into three tradable tokens: FT (principal), XT (interest and option value) and GT (ERC-721 leveraged position receipts). Professional curators set target APR ranges across independent markets and manage strategic vaults, with clearing accomplished through physical delivery of collateral. Co-founder and CEO Jerry Li has 25 years of experience in global financial markets and was a former managing director of Deutsche Bank, responsible for fixed income and foreign exchange businesses in Greater China.

About YZi Labs

YZi Labs manages more than US$10 billion in assets worldwide. Its investment philosophy emphasizes impact first-the belief that meaningful returns will follow. It invests in entrepreneurial projects at all stages, prioritizing projects with a solid foundation in Web3, artificial intelligence and biotechnology. YZi Labs 'portfolio covers more than 300 projects from 25 countries on six continents, including Trust Wallet, CoinMarketCap, Polygon, Injective, Ethena, SafePal Wallet, Better Payment Network, Aster, XAI, etc. More than 65 YZi Labs portfolio companies have completed incubation through its incubation program EASY Residency.